Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 January 2013
Dear sir,
May I borrow loan in cash? & what is the limit during the year for loan in cash?
May I borrow loan in cash? & what is the limit during the year for loan in cash?
03 January 2013
As far as possible, avoid CASH loan. 20,000 should be the limit.
03 January 2013
Section 269SS provides that any loan or deposit shall not be taken or accepted from any other person otherwise than by an account payee cheque or account payee bank draft if, the aggregate amount of such loan and deposit exceeds Rs. twenty thousand rupees.
Thus it is clear that no person can accept any loan or deposit of more than Rs 20000 in cash in a financial year.
Thus it is clear that no person can accept any loan or deposit of more than Rs 20000 in cash in a financial year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
